Flavio's questions to Afya Ltd (AFYA) leadership • Q2 2025
Question
Flavio from Bank of America asked why the full-year EBITDA guidance was not revised upward despite strong first-half results, and also questioned why the effective tax rate was below the 15% OECD minimum and what to expect for the second half.
Answer
CEO Virgilio Gibbon stated that the company prefers to remain conservative on guidance due to seasonality in the continuing education segment, where the new cohort intake occurs later in the year. CFO Luis Blanco explained the lower tax rate was a temporary effect from recognizing deferred tax assets in the first half, and he expects the rate to converge toward the 15% minimum in the long run.